IPSA.L Regulatory News (IPSA)

29 Jan 2008 10:10

IPSA Group PLC29 January 2008 29 January 2008 IPSA Group PLC ("IPSA" or the "Company") IPSA Appoints Lead Arranger of Project Debt for Coega Fast Track Combined Cycle Gas Turbine Project IPSA is pleased to announce that it has appointed the Standard Bank of SouthAfrica (Standard Bank) as its mandated lead arranger on the financing of its1,600 MW Coega Fast Track Combined Cycle Gas Turbine Project in Port Elizabeth(the "Coega Project"). The Standard Bank group has previously provided facilities to IPSA for theacquisition of the turbines for the Coega Project. The bank also acted asadvisor and sponsor on the introduction of IPSA to the ALTx market of the JSELimited. Standard Bank has extensive experience in the power sector and wasrecently voted Africa's best Project Finance institution. IPSA is pleased tobring the skills and lending capacity of Standard Bank to this importantregional project, the first 500 MW of which could be operational as early as thefirst half of 2009. The Board of IPSA expects to announce the selection of an overall financialadviser to the Coega Project in the near future. Peter Earl, CEO of the Company, said: 'We are very pleased to be making such good progress with our Coega project aswell as with our other two projects in the Eastern Cape. IPSA intends to bringits new capacity on stream as fast as possible to meet the desperate need forpower in South Africa.' For further information contact: Peter Earl, CEO, IPSA Group PLC +44 (0) 20 7793 5600 Liz Shaw, COO, IPSA Group PLC +44 (0) 20 7793 5600 John Llewellyn-Lloyd / Jamie Boyd, Noble & Company Limited +44 (0) 20 7763 2200(Nominated Adviser and Joint Broker) Sean Lunn, Hichens, Harrison (South Africa) Ltd +2721 950 2711(Joint Broker) Allan Piper, First City Financial +44 (0) 20 7242 2666(UK Public Relations Advisers) Jacques de Bie, College Hill (South Africa) +2711 447 3030 This information is provided by RNS The company news service from the London Stock Exchange